logo
Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?

Register
    

 


Patterson UTI (PTEN) Jumps on Impressive Horizontal Rig Count

By  +Follow October 4, 2013 8:22AM
Share:
Tickers Mentioned:

Shares for Patterson-UTI Energy Inc. (PTEN) were trading 5 percent higher on Friday, on news that the oil and gas drilling and exploration company had some 190 rigs operating in the US and Canada.

The announcement is significant in that it comes in the wake of oilfield services leader Baker Hughes (BHI) released a report that indicated weaker demand for drilling rigs in the US. More than 100 of Patterson’s rig operate in the US.

The Baker Hughes report also showed that what demand does currently exist is the result of greater need for unconventional, horizontal drilling rigs that have the capability of tapping in to the US’s growing number of shale-based oil and natural gas deposits, and this is the source of Friday’s bullishness on Patterson’s stock.

Indeed, while other drillers, particularly Helmerlich & Payne (HP) currently operates the largest number of AC-powered horizontal drilling rigs in the US, with a total on average of about 270. Nabors Industries Ltd. (NBR) comes in second with 245 such rigs, but Patterson is catching up with a current and growing total of 117.

With a market-cap of $3.3 billion, however, Patterson is less than half the size of Helmerlich (nearly $8 billion), and is also smaller than Nabors (about $5 billion). Patterson has also been having a strong year, with its stock advancing over 20 percent in 2013, and looks to be on course to join the upper tier of mid-cap drillers and explorers.

The company is set to release its quarterly earnings statement on October 24. Shares were crawling steadily towards $24, approaching a 52-week high of $25.30 in Friday trading.

 

 

[Image Courtesy of Wikimedia Commons]

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer


Liked What You Read? Join Equities.com and Connect With Your Favorite Financial Experts FOR FREE! Members of Equities.com gain access to our leading financial news and content, active social investment community, proprietary research tools including the 2014 Small-Cap Stars, E.V.A. reports and more.

Results for pten
Kurt D.
26 May 15 07:46:02
RT @theflynews: On The Fly: Analyst Downgrade Summary $ANN $PLCE $DE $FSLR $HBAN $HW $PTEN $NBR $WFT $REG: Full Story http://t.co/hLXgp804…
stocktargetprices
26 May 15 07:20:55
$PTEN CLSA lifts target to $22 from $17. Downgrades to Underperform from Outperform.
The Fly
26 May 15 06:58:54
On The Fly: Analyst Downgrade Summary $ANN $PLCE $DE $FSLR $HBAN $HW $PTEN $NBR $WFT $REG: Full Story http://t.co/hLXgp804c1
Mark Frey
26 May 15 06:50:54
CLSA downgraded $NBR Nabors Industries, $PTEN Patterson-UTI, and $WFT Weatherford International to Underperform from Outperform.
binaryoptionsocial
26 May 15 06:28:35
RT $PTEN received a new alert. Find out why at http://t.co/rRtKVALqb5 #stocks #daytrading #trading #mkt #NYSE #… http://t.co/XG5hVFJGig
Media Sentiment
26 May 15 06:25:05
$PTEN received a new alert. Find out why at http://t.co/nZwqReM0tj #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 125
Stock Market Picks
26 May 15 06:19:13
$PTEN downgraded by Credit Agricole from Outperform to Underperform. http://t.co/NVqul1LFWz $DIA $QQQ $SPY #stocks #trading #PennyStock
The Legacy News
26 May 15 06:13:02
Credit Agricole Lowers Patterson-UTI Energy to Underperform $PTEN http://t.co/uo2Smfr9AY
Ticker Report
26 May 15 06:11:42
Credit Agricole Lowers Patterson-UTI Energy to Underperform $PTEN http://t.co/qK4qZgCYNL
Media Sentiment
26 May 15 06:09:06
$PTEN received a new alert. Find out why at http://t.co/nZwqReM0tj #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 112
Sleek Money
26 May 15 06:05:22
Patterson-UTI Energy Lowered to Underperform at Credit Agricole $PTEN http://t.co/7tdIBFFPtn
US Banking News
26 May 15 06:01:24
Credit Agricole Downgrades Patterson-UTI Energy to Underperform $PTEN http://t.co/N6fAkURDap
FirstToMarkets
26 May 15 06:01:13
Patterson-UTI Energy Inc. Downgrade by CLSA (Ranked 283rd) to Underperform with 22 PT $PTEN #PTEN http://t.co/CPZ4CEbBkk
FirstToMarkets
26 May 15 06:00:39
Patterson-UTI Energy Inc. Downgrade by Credit Agricole (Ranked 93rd) to Underperform $PTEN #PTEN http://t.co/vwJnxRgVnJ Agricole
Media Sentiment
26 May 15 05:54:58
$PTEN received a new alert. Find out why at http://t.co/nZwqReM0tj #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 100
Analyst Ratings
26 May 15 05:46:28
Patterson-UTI Energy downgraded by Credit Agricole to underperform. http://t.co/Lrg9CbNHjf $PTEN #PTEN
US Consumer News
26 May 15 05:45:38
Patterson-UTI Energy downgraded by Credit Agricole to underperform. http://t.co/y220napiWu $PTEN #PTEN
Media Sentiment
26 May 15 05:29:53
$PTEN received a new alert. Find out why at http://t.co/nZwqReM0tj #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 90
ProTradersNews
26 May 15 05:28:03
$PTEN: Patterson-UTI Energy Downgraded by CLSA to Underperform (PTEN): http://t.co/e6sMWx2oZp
US Banking News
26 May 15 05:27:39
Patterson-UTI Energy Downgraded by CLSA to “Underperform” $PTEN http://t.co/kxh46zs22v
The Legacy News
26 May 15 05:27:26
Patterson-UTI Energy Downgraded by CLSA to Underperform $PTEN http://t.co/yiNmif3aWp
Ticker Report
26 May 15 05:26:43
Patterson-UTI Energy Cut to “Underperform” at CLSA $PTEN http://t.co/8iT2HoJyCH
Market Int Center
26 May 15 05:25:34
Potential Patterson UTI Energy $PTEN Trade Targets 9.89% Return ( http://t.co/J67j0zBqO2 )
Dakota Financial
26 May 15 05:23:59
Patterson-UTI Energy Cut to “Underperform” at CLSA $PTEN http://t.co/RajDkNReTe
Breaking News Now
26 May 15 05:23:02
$PTEN: Patterson-UTI Energy Cut to “Underperform” at CLSA (PTEN): http://t.co/XZaWq3YNxy
US Consumer News
26 May 15 05:16:35
Patterson-UTI Energy downgraded by CLSA to underperform. http://t.co/hotyUJdCCJ $PTEN #PTEN
Analyst Ratings
26 May 15 05:15:33
Patterson-UTI Energy downgraded by CLSA to underperform. http://t.co/PIIN4bPIk0 $PTEN #PTEN
Breaking News
25 May 15 22:45:02
$PTEN: Patterson-UTI Energy, Inc. Analyst Rating Update: http://t.co/f047KhJT1k
BreakingStocksNews
23 May 15 07:03:03
$NFX $PTEN: Investor's Alert - Newfield Exploration (NFX), Patterson-UTI Energy ...: http://t.co/D11cQMcYlx
Stocks Pastor
22 May 15 09:39:15
$ERF was trading at above $21 this time last year. Cheap way to trade energy related stocks. I like $PTEN also
Rosner Stocks
22 May 15 07:43:37
PTEN Pervasip Corp. Dividend Click Here -> http://t.co/p9Qtj7XAtV Trending $PTEN $ALXN $IBB $DXJ #PTEN #invest #pennystocks
Jake13
22 May 15 03:51:09
UUP PowerShares DB US Dollar Index Bullish Fund Exchange Click Here -> http://t.co/VFpRl823tw Trending $UUP $PTEN $ITB $FSL #UUP…
IH News Desk
22 May 15 03:46:14
PTEN Patterson-UTI Energy, Inc. Stock Forum Click Here -> http://t.co/PD0nolx05D Trending $PTEN $ERIC $RGLD $RDSH #PTEN #share…
Stock Forums
22 May 15 03:46:09
PTEN Patterson-UTI Energy, Inc. Ideas Click Here -> http://t.co/ZJNR6mfFOJ Trending $PTEN $ASHR $XXII $AKS #PTEN #nasdaq #share
Investors Hangout
22 May 15 03:46:07
PTEN Patterson-UTI Energy, Inc. Market Cap Click Here -> http://t.co/AlUVMVgBB3 Trending $PTEN $FNMA $AAL $MU #PTEN #stock #stockmarket
lookn4wins
22 May 15 03:38:38
FXC Currency Shares Canadian Dollar Trust Last Trade Click Here -> http://t.co/Jh2bnWPLKV Trending $FXC $CVS $INTC $PTEN #FXC #invest…
Jake13
22 May 15 03:36:09
EEM iShares MSCI Emerging Markets Day High Click Here -> http://t.co/K28EwJEtYg Trending $EEM $BCLI $FTI $PTEN #EEM #finance #share
danrocks
22 May 15 03:31:36
ADMD Advanced Medical Isotope Corp. Stock Message Board Click Here -> http://t.co/ugT1prZqbP Trending $ADMD $PTEN $EXC $AAL #ADMD…
12Stocks.com
21 May 15 16:03:07
MidCap #Stocks Performance $ATW $WWD $RDC $AAP $SPN $WPX $TDW $CNW $ROVI $PTEN $KATE $EXP $UNT $OII $OIS more@ http://t.co/H27z0IZ4hK
Lucretia
21 May 15 14:38:08
$PTEN Patterson-UTI Energy, Inc. Plans $0.10 Quarterly Dividend (PTEN) http://t.co/ap2dBpwEfh
Jeffrey Blake
21 May 15 14:38:06
$PTEN Stock to Follow: Patterson-UTI Energy, Inc. (NASDAQ:PTEN) http://t.co/90tpkf4oFD
12Stocks.com
21 May 15 13:01:03
MidCap #Stocks Performance $RDC $WWD $AAP $SPN $ATW $ROVI $WPX $PTEN $CNW $JCP $TDW $CREE $UNT $SM $DCI more@ http://t.co/H27z0JgFGk
CoveredCallCorner
21 May 15 09:46:12
Buy $PTEN sell August15 22 calls for a 7.27% ROI or 8.66% if assigned. Break even is $$20.12
BreakingStocksNews
21 May 15 09:18:02
$PTEN: Notable Session Mover: Patterson-UTI Energy, Inc. (NASDAQ:PTEN): http://t.co/qUSbiFkOov
12Stocks.com
21 May 15 08:52:43
MidCap #Stocks Performance $AAP $WWD $RDC $CREE $SM $ATW $WSM $PTEN $SPN $TDW $OLN $OII $DCI $HLX $APOL more@ http://t.co/H27z0IZ4hK
Clair Voight
21 May 15 08:02:12
$PTEN Stock to Follow: Patterson-UTI Energy, Inc. (NASDAQ:PTEN) http://t.co/Qh1JW2eOK0
Stocks Newswire
21 May 15 06:47:23
News Update For 05/21/2015: http://t.co/3kUqYeX5ii $NOV $MNGA $PTEN $IAG
12Stocks.com
20 May 15 16:03:04
MidCap #Stocks Performance $AEO $GHC $PII $KBR $PTC $UTHR $OCR $EQIX $WOR $DECK $TEX $Y $PTEN $AMD $JNS more@ http://t.co/H27z0IZ4hK
12Stocks.com
20 May 15 13:01:00
MidCap #Stocks Performance $AEO $PII $GHC $UTHR $WOR $PTEN $EQIX $KBR $DECK $PTC $IDXX $DF $JNS $TEX $SIG more@ http://t.co/H27z0IZ4hK
Market Int Center
20 May 15 09:14:20
Patterson UTI Energy $PTEN Showing Neutral Technicals With Support At $19.32 ( http://t.co/75eNUGqmT3 )
				
				
By  +Follow October 4, 2013 8:22AM
Share:

Comments

 

blog comments powered by Disqus

About us

Equities.com is the most advanced interactive online social ecosystem for the financial industry, serving as a resource center and next-generation communication platform that connects self-directed investors with public issuers, market experts, and professional service providers and vendors. Registered members can leverage our exclusive proprietary research tools such as the Small-Cap Stars, which outperformed 90% of all small-cap mutual funds, and robust do-it-yourself E.V.A. research reports. The Equities.com Issuer Dashboard is the ideal tool to communicate and manage investor awareness campaigns to the investment community, as well as to access valuable resources to help your company grow.

Market Data powered by QuoteMedia.
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. Terms of Use.

Login or Register

LOG IN